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May 1, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Dallas, Business Loans > Amer Business Lending Inc. Dallas Business Loans > Edible Arrangements Loan | ||||
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Advice for Financing a Franchise
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Rockwall, TX Entrepreneur Gets SBA Loan to Buy Edible Arrangements FranchiseBorrowing money to buy an Edible Arrangements franchise? Amer Business Lending Inc. has a history of making these loans and they are guaranteed by the SBA. Want to borrow money to buy an Edible Arrangements franchise? If so, here's a 2005 SBA franchise loan that you should know about. Amer Business Lending Inc. was the lender and the entrepreneur was based in Rockwall, Texas. SBA Loan Borrower EDIBLE ARRANGEMENTS SBA Loan Lender AMER BUSINESS LENDING INC. This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 454390 - Direct Selling Establishments Loan Approval Date 8/11/2005 Loan Approval Gross Amount $120,000 Loan Approval from the SBA Of the total $120,000 loan amount, the SBA guaranteed $102,000. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was used to buy an Edible Arrangements franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: A Company That Helps Entrepreneurs Who Lends Money to Small Businesses in Dallas, Texas
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